Digital genome market value will ascend rapidly propelled by the high speed and precision of human genome sequencing. Government and private organizations have subsequently increased their funding to enhance the development of novel sequencing methodologies. This factor is expected to considerably stimulate the industry trends over the span of the next few years.

According to Global Market Insights, Inc., “Digital genome market will exhibit an annual growth rate of 9.5% over the period of 2016 to 2024.”

Industry insights of digital genome industry based on the application, product, end-use, and region are mentioned below:

Academic research institute end use segment will register high growth rate over the coming seven years, primarily driven by the huge economical backing by investors for improvised services, instruments, and technological innovations. Other end use segments in the digital genome market are bio-pharmaceutical companies, hospitals, and diagnostics & forensic labs.

Research & development, microbiology, transportation, reproductive & genetic, and livestock & agriculture are the main application sectors of digital genome industry. Microbiology application accounted for more than 22% of the overall market share in 2015 and will collect a revenue of more than USD 10 billion by 2024, owing to the growing demand for microbes across the biological, industrial, and clinical sectors.

Based on the products, digital genome industry primarily comprises sequencing & analysis software, sequencing and analyzer instruments, sequencing chip, sample prep instruments, and DNA or RNA analysis kits. Sequencing & analysis software will register an annual growth rate of 9.8% over the period of 2016 to 2024. The growth can be attributed to the technological enhancements in myriad software suites.

Russia digital genome market collected a revenue of more than USD 290 million in 2015 and is predicted to grow lucratively over the coming seven years. The growth can be attributed to the escalating investments in the ‘Genome Russia’ project that plans to generate a precise web-based database for regional genome sequences.

China digital genome industry share is anticipated to grow at a CAGR of more than 10% over the period of 2016 to 2024, primarily driven by the supportive government regulations that favor advancements in human genetic resources. In addition, strategic partnerships between biobanks and research institutes will also augment the industry growth.

U.S. dominated the North America digital genome market by accounting more than 80% of the total share in 2015 and will exhibit considerable growth rate over the coming years of 2016 to 2024. Ongoing research activities along with the rising elderly population will augment the industry growth over the coming years.

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